Sandy Spring Bank Reduces Holdings in Bank of America Co. (NYSE:BAC)

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Sandy Spring Bank decreased its position in shares of Bank of America Co. (NYSE:BAC) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,205 shares of the financial services provider’s stock after selling 1,612 shares during the period. Sandy Spring Bank’s holdings in Bank of America were worth $1,643,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Denali Advisors LLC increased its stake in Bank of America by 1.2% during the 3rd quarter. Denali Advisors LLC now owns 340,700 shares of the financial services provider’s stock worth $8,207,000 after buying an additional 3,900 shares during the period. Trust Co. of Oklahoma acquired a new position in Bank of America during the 3rd quarter worth $376,000. Boothe Investment Group Inc. acquired a new position in Bank of America during the 2nd quarter worth $4,233,000. Strategic Investment Advisors MI grew its holdings in Bank of America by 30.3% during the 3rd quarter. Strategic Investment Advisors MI now owns 18,317 shares of the financial services provider’s stock worth $441,000 after acquiring an additional 4,255 shares in the last quarter. Finally, BP PLC grew its holdings in Bank of America by 45.3% during the 3rd quarter. BP PLC now owns 1,089,459 shares of the financial services provider’s stock worth $26,223,000 after acquiring an additional 339,459 shares in the last quarter. 68.19% of the stock is currently owned by hedge funds and other institutional investors.

Shares of BAC stock traded down $0.39 during midday trading on Tuesday, reaching $27.19. 571,562 shares of the company were exchanged, compared to its average volume of 70,862,086. Bank of America Co. has a 12 month low of $17.95 and a 12 month high of $35.72. The company has a market cap of $238.59 billion, a P/E ratio of 13.40, a PEG ratio of 2.15 and a beta of 1.56. The company’s 50 day moving average price is $24.74 and its two-hundred day moving average price is $24.65. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The company had revenue of $20.30 billion for the quarter, compared to the consensus estimate of $20.88 billion. During the same quarter last year, the firm posted $0.75 earnings per share. The firm’s quarterly revenue was down 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 1.77 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be issued a $0.18 dividend. The ex-dividend date is Thursday, December 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.65%. Bank of America’s payout ratio is currently 24.49%.

Several research analysts have recently commented on the stock. Royal Bank of Canada set a $28.00 price target on shares of Bank of America and gave the company a “buy” rating in a report on Wednesday, October 14th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and lifted their price target for the company from $27.00 to $29.00 in a report on Thursday, September 3rd. Credit Suisse Group reaffirmed a “buy” rating and issued a $31.00 price target on shares of Bank of America in a report on Monday, August 3rd. TheStreet raised shares of Bank of America from a “c+” rating to a “b-” rating in a report on Tuesday, August 25th. Finally, Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a report on Tuesday, September 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $29.31.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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